Loading…
Biotech using proprietary transgenic-mouse antibody platforms (Harbour Mice) to discover and license novel antibody drugs.
Biotech using proprietary transgenic-mouse antibody platforms (Harbour Mice) to discover and license novel antibody drugs.
Earns mainly by licensing its antibody platform and drug candidates to pharma partners, receiving upfront payments, milestones and later royalties, rather than selling its own medicines, so income arrives in lumps tied to deals.
In one line: A Chinese/global antibody-discovery platform biotech, akin to a smaller Regeneron licensor.
Moat: narrow (IP / patents, process know-how). Proprietary transgenic mouse platforms for fully human antibody discovery.
Headquarters: Shanghai, China / Rotterdam · Founded: 2016 · Employees: 272
Size HBM (2142.HK) is a Hong Kong Health Care company (Pharmaceuticals: Other) with a market value of $1.18B, the 558th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$10.38 on 6 Nov 2026.
Performance Over six months the shares fell 22.7%, against -13.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 55.3% over the last twelve months (peer median +1.3%); the operating margin is 44.4% (peer median 14.8%).
Valuation It trades at 12.4× forward earnings against a peer median of 19.9× (5th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +62%, so the hurdle is -48 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 30.5 points above its cost of capital (14.3% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$1.40B | HK$1.23B | HK$297M | HK$701M | HK$318M |
| Revenue growth | — | +314% | -58% | +120% | — |
| Gross profit | HK$1.30B | HK$1.15B | HK$240M | HK$649M | HK$254M |
| EBITDA | HK$651M | HK$648M | -HK$6.32M | HK$203M | -HK$892M |
| Net income | HK$661M | HK$712M | HK$21.7M | HK$178M | -HK$1.07B |
| Free cash flow | HK$51.3M | HK$653M | HK$264M | -HK$153M | -HK$912M |
| Capital expenditure | HK$114M | HK$91.6M | HK$1.83M | HK$19.4M | HK$144M |
| Total debt | n/a | HK$636M | HK$476M | HK$515M | HK$710M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| HBM 2142.HK | $1.18B | -23% | +55% | 44% | 12.4× | 14.1% |
| Regeneron Pharmaceuticals REGN | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% |
| Wuxi Bio 2269.HK | $25.0B | +43% | +22% | 32% | 28.7× | 21.8% |
| Innovent Biologics 1801.HK | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2142.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.0% | +0.3% | 2nd lowest of 21 |
| 6-month return | -22.7% | -13.0% | 5th lowest of 21 |
| Distance from 52-week high | -39.2% | -28.5% | 5th lowest of 21 |
| Revenue growth (TTM) | +55.3% | +1.3% | highest of 21 |
| Operating margin | 44.4% | 14.8% | highest of 20 |
| Forward P/E | 12.4× | 19.9× | 5th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 14.1% | 3.6% | 3rd most demanding of 16 |
| Growth delivered (Del g) | +62.3% | +10.4% | highest of 16 |
| Hurdle (Req g minus delivered) | -48.2 pp | -7.7 pp | 2nd least demanding of 16 |
| ROIC minus cost of capital | +30.5 pp | +2.7 pp | 3rd highest of 20 |
| EV / EBITDA | 11.0× | 20.7× | 2nd cheapest of 9 |
| Net debt / EBITDA | -3.2× | -1.1× | 3rd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HBM 2142.HK | Hong Kong | $1.18B | -23% | +55% | 44% | 12.4× | 14.1% | +62.3% |
| BioGaia BIOG-B.ST | Sweden | $1.26B | -7% | +13% | 28% | 30.1× | 0.9% | +15.5% |
| Shandong Xinhua Pharmaceutical 0719.HK | Hong Kong | $1.09B | -11% | -1% | 4% | 6.8× | -2.0% | +7.1% |
| Pharma Mar PHM.MC | Spain | $1.30B | -33% | +32% | 19% | 37.7× | 11.4% | -3.9% |
| Cronos CRON.TO | Canada | $1.34B | +45% | +36% | -2% | 15.6× | 2.1% | +26.7% |
| Jamieson Wellness JWEL.TO | Canada | $1.35B | +35% | +15% | 15% | 21.2× | 11.0% | +15.3% |
| Applied Nutrition APN.L | United Kingdom | $1.01B | +42% | +24% | n/a | 24.2× | n/a | n/a |
| New Journey Health Technology Group Co., Ltd.Class A 002219.SZ | China | $999M | -16% | -14% | 8% | 193.0× | n/a | n/a |
| Sudeep Pharma SUDEEPPHRM.NS | India | $1.41B | +75% | +27% | 33% | 67.7× | n/a | n/a |
| Sihuan Pharmaceutical 0460.HK | Hong Kong | $952M | -35% | +30% | 15% | 9.7× | n/a | n/a |
| Guilin Sanjin Pharmaceutical 002275.SZ | China | $1.53B | +27% | -3% | 24% | 18.6× | -2.2% | +5.5% |
| TSI 603262.SS | China | $909M | -41% | +3% | 14% | 51.5× | 25.8% | +13.4% |
| Bora Pharmaceuticals 6472.TW | Taiwan | $1.55B | -2% | -6% | 15% | 14.2× | 4.5% | +60.2% |
| Zhejiang Medicine 600216.SS | China | $1.61B | -23% | -6% | 7% | 11.3× | -6.7% | +3.9% |
| Tibet Cheezheng Tibetan Medicine 002287.SZ | China | $1.66B | -15% | -7% | 28% | n/a | -1.1% | +10.4% |
| PharmaNutra PHN.MI | Italy | $808M | -18% | +18% | 21% | 29.6× | 4.0% | +18.5% |
| Tianjin Tianyao Pharmaceuticals 600488.SS | China | $801M | -14% | -12% | 3% | n/a | 3.6% | -1.3% |
| Sirio Pharma 300791.SZ | China | $790M | -12% | -9% | 1% | 16.9× | 14.7% | +15.6% |
| Shanghai Kaibao Pharmaceutical 300039.SZ | China | $756M | -17% | -14% | 22% | n/a | 1.8% | +4.8% |
| Porton Pharma Solutions 300363.SZ | China | $1.92B | +14% | +6% | -2% | n/a | 5.3% | +10.4% |
| China Shineway Pharmaceutical 2877.HK | Hong Kong | $719M | -21% | -18% | 25% | 7.2× | n/a | n/a |